EastWest cues launch of new digital offerings
MANILA, Philippines — Gotianun-led EastWest Bank intends to launch new digital offerings in the coming months to boost its presence in the booming online market, and support its growth this year.
EastWest CEO Jerry Ngo on Friday said they would continue to “invest heavily” in digitalization, mainly through digital banking arm Komo.
Ngo said that “a few billion pesos” would be needed to improve digital services in the next three to five years.
“We’re focusing on capabilities that we have seen as the best of breeds, not just in the Philippines, but outside the [Southeast Asia] region,” the CEO told reporters in a briefing.
READ: EastWest unveils digital banking arm
Further, the banking arm of holding firm Filinvest Development Corp. said it would formally launch its EasyWay online platform this year. The aim is to speed up the usual bank processes, including deposits, withdrawals, and loan payments.
Last year, around 10 percent or P2 billion of EastWest’s expenses went to the development of information technology initiatives, according to Ngo.
READ: EastWest Bank profit hits P6.1B in 2023
“We are going to be a complement to the growing digital banking space. We will focus on banking as we know it—provision of credit and loans,” he said.
EastWest in 2023 saw its earnings rise by a third to P6.1 billion on sustained consumer loan growth
The bank’s consumer lending portfolio expanded by 25 percent, allowing revenues to reach P35.7 billion, a 26-percent increase.
“We entered 2024 with good momentum, but much work still needs to be done in growing and improving the bank. We need to rise further, face the challenges and potential headwinds,” Ngo said. INQ
